Sports and Entertainment Means Business

An economic impact is the effect produced by decisions made by consumers and businesses.

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When a business does not make enough revenue to cover expenses, it operates at a profit.

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The study of how goods and services are produced, distributed, and consumed is called marketing.

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Building a company without outside assistance is often referred to as crowdsourcing.

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Venture capital is financing provided to start a company in return for owning part of the company.

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Risk cannot be controlled and must always be covered by purchasing insurance.

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Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.

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When the physical characteristics of a product or service are improved, it is called possession utility.

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Risks can be classified as controllable, insurable, and involving gain or loss.

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Risk retention means purchasing insurance to cover possible losses.

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